How ICS Works

View this short video to learn more about ICS.


How ICS Works

If you have deposits at a single bank in a single ownership capacity, then you have access up to $250,000 in FDIC insurance at that bank.

But with the ICS®, or Insured Cash Sweep®, service, you can access multi-million-dollar FDIC protection by working directly with just one bank that offers ICS.

Financial institutions that offer Insured Cash Sweep are members of a unique network – the ICS Network. Everything is handled through an ICS Network member of your choice. When you place a large deposit with an ICS Network member, that institution uses the ICS service to place your funds into demand deposit accounts (using the ICS demand option), money market deposit accounts (using the ICS savings option), or both, at other FDIC-insured member institutions.

The placement of your funds occurs in increments below the standard FDIC insurance maximum of $250,000 so that both principal and interest are eligible for FDIC insurance. By working directly with just one institution, you can access insurance coverage from many. And, you receive just one regular, monthly account statement. 

When you're ready to take advantage of Insured Cash Sweep, here's what happens:

1 You sign an ICS Deposit Placement Agreement and a custodial agreement with a member of the ICS Network (a relationship institution).

2 You identify an existing transaction account (or set up a new one) to be used with each ICS option.

3 Your funds are placed into deposit accounts with other members of the ICS Network in accordance with the Deposit Placement Agreement.

4 You can check balances and see where your funds are at all times using an online tool specially developed for Insured Cash Sweep.

5 You receive consolidated interest payments and statements for each service option through your relationship institution.
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